Advanced Microgrid Solutions use AI to increase energy value
AMS has built up deals across Australia to produce, manage and store 2,000MW of renewable energy, using AI to monitor market value to best effect.
Advanced Microgrid Solutions (AMS) has struck five commercial deals in Australia to dispatch and store 2,000MW of renewable energy. AMS had previously announced its intention to move into the green energy sector and last October expanded on this by explaining it was looking to invest in the Australian market.
Speaking in a recent interview about the Australian energy market, CEO Susan Kennedy said: "They’re really the leading edge of a revolution in the way the energy markets are going to be run and renewables integrated into the grid."
The fast-paced nature of the Australia energy market was the main lure for AMS. As energy producers are free to bid as they see fit in order to maximise their returns, competition has been strong. There has been a dramatic rise in renewable energy generation, especially in Southern Australia, as more fossil fuel-based plants are closed down.
The decision to invest in battery storage and AI analytics would also allow AMS to stay ahead of that competitive market. Currently, the low marginal cost of green energy means buyers will place the lowest bid for their needs. However, when a surge in power due to high winds leads to oversupply and a resulting price slump, it can be more effective to store that power for a later date and release it into a higher value market later. This method of storage is very hard to manage as it requires insights into prospective weather conditions compared to the current value of renewable energy in the area.
Using AI analytics would be an efficient and attainable fix to this issue, Kennedy explains: "A battery cannot be managed by humans with Excel spreadsheets — there are too many variables. Five to 10 years from now, you will not see a trading desk in the world that does not have some AI support tools, if it's not fully automated."
It was this expansion into AI that took the majority of AMS’ time since its announcement in 2017 to move into renewable markets. Undergoing a digital transformation can take a certain level of preparation to understand the operational conditions a business will be moving into. AMS then gathered data on market variables, operational parameters and required equipment, before coding market rules for Australias competitive grid. Hiring members of the team that built Tesla’s market optimisation platform for Hornsdale Power in South Africa, armed with a wealth of data, will give AMS an edge to move into renewable energy with a strong foundation and the infrastructure required to manage an automated grid capable of accurately predicting and controlling its fluctuating energy supply.
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”